All of us are aware of the fact that India is a very diverse country and the growth of the country has led to a rise in purchasing power amongst people. With development, there is new technology and a lot more we can do and buy with the money we have. However, the first purchase that a lot of us make once we begin earning is that of a two wheeler. It helps fulfill your needs of commute and is an ideal addition to your home. However, two-wheelers do not come cheap and if you want to own a premium model, you may have to use a lot more money than you initially planned to. But there is a way out. There are several lenders in the industry that offer a low two wheeler loan interest rate. It can make the process easy and convenient for you. There is no need to borrow money from friends or family or worry about paying a high interest rate. Due to increasing competition in the industry, lenders are offering loans at low and lucrative interest rates. Here is how you can go about it.
1. Do your homework
Before you choose the two wheeler you want to own, it is important to do thorough research and check all the products available in the market. Do not rush this process as it could lead to a lot of regret at a later stage. Take your time and head to different markets to take a good look at the available models. You can shortlist the ones you like and then take a test drive on them. Manufacturers introduce new models every few months so it is important to take out time and research well before making a decision. It helps to identify why you want to buy a two-wheeler as it will make the decision easier for you. If you want it for commuting, you can choose an economy model and if you want to take it for adventures, you need to invest in a premium model.
2. Scout for a lender
Once you have decided on the type of two wheeler you want to own, you must remember to take a test drive in it. If you are satisfied with the test drive, you can proceed with a loan. However, do not apply for a loan with the first lender you come across. You will have to scout the market for a lender who offers the loan at friendly terms and conditions. It is possible to check the eligibility criteria and interest rates online. You can easily compare the same and then make a decision. Choose a lender that offers the loan at low interest and has flexible repayment tenure. Never make a decision without comparing the two wheeler loan interest rate.
3. Make a downpayment
All the lenders in the industry have a minimum downpayment requirement and you need to adhere to the same. Your loan will only be processed when you make a downpayment. Hence, get information about the same from the lender and make the minimum amount of payment required. Those who have extra cash on hand can make a higher downpayment. Once the downpayment is made, you can proceed with the loan application.
4. Apply online
Now that you are ready to purchase the two-wheeler, you can make an online loan application. All you need to do is fill the online application form and then upload scanned copies of the documents including the identity proof, address proof, proof of downpayment, income proof, and invoice of the two-wheeler you want to own. Additionally, you need to provide two passport-sized photographs for the loan to be processed. The lender will verify the documents and process the loan if all is in place. In many cases, the loan is usually approved in 24 to 48 hours.
5. Make repayment schedule
The two wheeler loan has to be repaid in EMIs over the tenure. The EMI amount will be based on the loan amount and tenure, hence, you can consider using an EMI calculator to get an idea about the monthly outflow you need to manage. The calculator is available online and is free to use. All you need to do is provide the loan amount and tenure and you will see the results in no time. The EMI amount will include the interest component and it is a monthly outflow you will have to make till the entire loan amount is repaid. Hence, prepare a repayment schedule and stick to it.
Applying for a two wheeler loan is a simple and hassle-free process. With a low two wheeler loan interest rate, you can enjoy the best terms on the loan and bring home the two wheeler you have set your heart on.